East Africa Exploration Update

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc

('Stratex' or 'The Company')

East Africa Exploration Update

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, provides an update on its exploration activities in East Africa, including those funded by the Company's joint-venture partner, Thani Ashanti. The Company now envisages undertaking three drill programmes in Q1 2013 at Megenta, Blackrock and Pandora, all within the Company's Afar Epithermal Gold Province. Two of these, Megenta and Pandora, are funded by joint-venture partner Thani Ashanti.

Highlights

Afar Province

Blackrock (95%-owned)

·; Full data evaluation and field/core review confirms exposed Black Water Zone is at a higher level in the ancient mineralised system than previously envisaged

·; At Nesbitt structure, elevated trace elements such as Te, Se, Sb, and Mo indicate the potential for gold mineralisation at depth - supports previous drilling assays of up to 4.97 g/t Au over 0.5 metres

·; Deeper drilling planned for Q1 2013

Thani Ashanti JV (Afar Project)

·; 14,653 line kilometre airborne magnetic and radiometric survey completed over Tendaho EEL (Exclusive Exploration Licence) area

o identification of buried structures that could host mineralisation and the presence of rhyolitic magmatism - widely recognised as an important factor in the development of low-sulphidation gold systems

·; Extensive drill programmes at the Megenta and Pandora targets in Q1 2013

·; Drilling at Assal provisionally planned for mid- or late 2013, subject to further surface exploration

Arabian-Nubian Shield Projects

·; Work has recommenced on Tigray and Berahale, including regional stream sediment sampling programmes across anomalies identified through satellite imagery

·; AbiAdi results under review to decide whether to proceed with earn-in

·; Stratex has decided not to proceed to the next stage of project financing at its 60%-owned Shehagne EEL. Sheba Exploration (100% owned by Centamin) will commence a 1,000 metre drill programme in early 2013 to earn back to 80% of the project

Dr Bob Foster, Chief Executive, said: "Over the past three months our focus has been primarily on evaluating the results of the Blackrock drilling programme as well as completing the airborne geophysical survey over the Megenta prospect. We have also re-commenced grassroots exploration in the Arabian Nubian Shield terrain of northern Ethiopia. We are now well-placed for three substantial drilling programmes in Q1 2013 at Megenta, Blackrock and Pandora, with an emphasis on establishing the potential for continuity of high-grades at depth. A fourth drilling programme is provisionally planned for Assal from mid- to late-2013, although this will depend on exploration results over the coming months.

"To support the management of our exciting portfolio in East Africa, we are delighted to welcome David Seers to the team as Exploration Manager for the region. David joins us with ten years of operational experience in gold and base metal systems and has already made a significant impact in refocusing the team and its exploration efforts.

"We look forward to providing further updates on this exciting portfolio and 2013 promises to be the year in which we make considerable progress led primarily by drilling of the multiple targets that we have identified over the past two years."

Blackrock

Field work has re-commenced at the Company's 95%-owned low-sulphidation epithermal gold project, Blackrock, following a necessary break for the summer (temperatures commonly in excess of 50oC) during which a full evaluation of results of the drilling programme to date was undertaken. This evaluation, together with a recent core and field review, has confirmed that the exposed Black Water Zone is at a higher level in the ancient mineralised system than previously thought. Broad structures with wide alteration zones, that include quartz vein development, are now apparent. The holes at the south-east end of Nesbitt were highly encouraging with +1 g/t Au values and increased alteration that the Company concludes as indicating proximity to rhyolite domes. Best values included assays up to 4.97 g/t Au over 0.5 metres and, importantly, elevated trace elements such as tellurium (Te), selenium (Se), antimony (Sb), and molybdenum (Mo) indicate the potential for gold mineralisation at depth. New sections have been constructed to determine target depths for the next round of drilling planned for Q1 2013. The programme will initially target vertical depths of between 100 and 250 metres below surface. In the meantime, detailed rock sampling of the extensive veins in the Magdala Zone has commenced. Subsequently work will then focus on the Discovery Vein within the Airstrip Zone, a vein that the Company believes is most similar to its Pandora discovery in Djibouti.

In addition, recent interpretation of seismic data by Rift Resources, Stratex's associated industrial minerals company, has shown that the depth to basement rocks (ancient metamorphic and igneous rocks beneath the young sedimentary and basaltic rocks of the Rift Valley) at Blackrock may be as shallow as 300 metres below the current surface. The Company considers that, if the outcropping structures extend downwards into these competent rocks, it is possible that they will be represented by substantial veins that would warrant drilling.

Thani Ashanti JV (Afar Project)

Ethiopia - Tendaho (incl. Megenta)

Stratex, with joint-venture partner Thani Ashanti, has recently received preliminary geophysical data following the completion of 14,653 line kilometres of an airborne magnetic and radiometric survey over the Logia and Logia North EEL areas. The magnetic survey data has helped to identify buried structures that could host mineralisation throughout the licence, including at Megenta. The radiometric potassium-count anomalies correlate with the presence of rhyolite at surface and have also highlighted further areas of possible alteration that will be followed up in due course. Rhyolitic magmatism is recognised as an important factor in the development of low-sulphidation gold systems within the Afar rift setting.

Final data processing and interpretation will now be carried out to aid drill targeting prior to the second phase drilling in Q1 2013.

Djibouti - Pandora and Assal

Work at the Company's Pandora project has been delayed over the summer months due to high temperatures (in excess of 50oC), making fly-camping field work unsafe, and also due to some issues relating to procedural matters that were satisfactorily resolved in discussion with the Djibouti authorities., The Company will now be required to submit all relevant press releases to the Ministry of Mines prior to release. Logistical considerations relating to difficulty of access to the area have led to delays in planning the drilling programme but drilling should now commence in Q1 2013. Likewise, work at Assal is now likely to start later in Q4 2012 with drilling, if justified, during mid- or late-2013.

Tigray

Due to the focus of exploration efforts on the Afar properties, little work has been undertaken on the Tigray EEL over the past 12 months. Work has now re-commenced, with reconnaissance visits to new Landsat-identified alteration anomalies considered a priority.

Berahale

Work at the Company's Berahale EEL has also re-commenced with a regional stream sediment sampling and field reconnaissance programme in an area that spans the edge of the Rift Valley into the higher ground of the Arabian Nubian Shield, a geological target area that Stratex regards as particularly prospective. Helicopter mobilisation to fast-track coverage in this remote area is under consideration.

Abi Adi

As part of the Company's earn-in to 75% of the LozBez-owned EEL, a channel sampling follow-up programme has been undertaken but returned poor values from the key defined target areas previously identified by rock-chip sampling. No further work has been undertaken and the results to date are currently being evaluated to decide how to proceed with this opportunity.

Shehagne

Stratex has decided not to proceed to the next stage of project financing at Sheba Exploration's Shehagne EEL (see press release dated 14th March 2012). With the Company having already earned-in to 60% of the project, the joint-venture agreement has been revised such that Sheba Exploration (100% owned by Centamin) will embark on a 1,000 metre drill programme in early 2013 to earn back to 80% of the project.

New Exploration Manager

Stratex East Africa's exploration team has been boosted by the appointment of David Seers as Exploration Manager. David's ten years of operational and, more recently, management expertise has been gained in gold and base metal exploration in multiple countries, most recently as exploration manager for a mining company in Peru.

About Thani Ashanti JV

Under the terms of a joint-venture agreement, Thani Ashanti can earn 51% of the Afar Project licences by expending a total of US$3 million on exploration and development over two years. Thani Ashanti is committed to expending US$1 million in the first twelve months and this has included a 3,000 metre drill programme to test the Megenta prospect in Ethiopia. Subsequently Thani Ashanti may expend a further US$2 million in the second year to earn 51% in the project. Thani Ashanti may then earn an additional 19% (for a total of 70%) in any one EEL by further expenditure of US$4 million within four years on that EEL from the start of the Agreement.

Upon expending 50% of its first year commitment of US$1 million, Thani Ashanti also acquired 5% of Stratex East Africa (SEA), a subsidiary company of Stratex International, with Stratex remaining majority shareholder at 95%. SEA holds all of the Company's assets in Ethiopia and Djibouti, including the Afar Project, Blackrock, Shehagne, AbiAdi, Berahale, and Tigray EEL's.

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For further information please visit www.stratexinternational.com, email [email protected], or contact:

Notes to editors:

Stratex International is an AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

It currently has a substantial portfolio of projects, with two in Turkey that are nearing gold production, currently scheduled for 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver.